According to Dan Rafael of ESPN.com, Cotto formally turned down an offer of more than $10 million to face former junior middleweight champ Canelo Alvarez to instead continue negotiating a major fight with Sergio Martinez, albeit for less cash.

Cotto is trying to set the Martinez bout for June 7.

Cotto’s attorney told Golden Boy Promotions chief executive Richard Schaefer that Cotto was declining the offer to face Alvarez on March 8 in the main event of a Showtime pay-per-view card.

According to reports, Cotto simply wants to fight in New York on the weekend of the Puerto Rican Day parade and wants a shot at the middleweight title.

“Essentially, Miguel only wants to fight in New York City on June 7,” Penagaricano said. “Canelo wants to fight in March. It seems that each fighter wanted to maintain the date for their next fight. So that is what is going to happen. Obviously, assuming everything goes well for both, I am sure Cotto versus Alvarez will be a fight worth discussing in the future.

“Regarding Canelo, [Cotto] said that Canelo is young and that perhaps it is a good fight to make later in 2014 or 2015, that if he keeps winning, there in no reason why we can’t make the fight down the road.”